Banks UBP acquires Swiss private banking business from Société Générale

The private bank UBP is taking over the Swiss wealth management business of Société Générale. It is also buying SG Kleinwort Hambros, which operates in the UK, from the major French bank.

In total, the acquisition of the two Société Générale subsidiaries will bring Union Bancaire Privée assets under management of around CHF 25 billion, as detailed in UBP's press release on Monday. While UBP does not state a purchase price in its press release, Société Générale's press release mentions a sales price of around 900 million euros.

The takeover of the two companies Société Générale Private Banking Suisse and SG Kleinwort Hambros is to be completed at the beginning of next year. Specifically, UBP will take over all operating activities of the two legal entities, including all client portfolios and all employees.

In the press release, UBP writes that Société Générale Private Banking Suisse and SG Kleinwort Hambros both have many years of recognized expertise in private banking and asset management and are an ideal complement to the existing know-how. The transaction will also help to strengthen the presence in selected markets, including the Channel Islands and Gibraltar.

According to Société Générale, the sale is a means of strengthening its own capital base and streamlining the Group. In private banking, the bank will focus on its leading position in France and its presence in Luxembourg and Monaco.